The short position on Ethereum $ETH was liquidated for a total value of $50.4K at a price of $2,842.19. This indicates that the trader was betting on a decline in Ethereum's price but the market moved against the position triggering the liquidation at that specific price point.
Liquidating a short position can occur when the asset's price rises higher than the entry point or beyond a predetermined stop-loss level forcing the trader to close the position to limit further losses.
The $50.4K liquidation suggests a sizable exposure and it would be important to review the market conditions that led to the price increase and adjust risk management strategies accordingly for future trades.